U.S. Markets closed

Terrene Labs Joins Duck Creek Partner Ecosystem, Offering P&C Insurers Comprehensive Exposure Information on Small and Mid-Sized Businesses to Facilitate Faster, More Accurate and Effective Underwriting

Partnership gives Duck Creek Policy customers access to pre-filled business information to aid in straight-through policy processing

Boston, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Duck Creek Technologies announced today that it has expanded its Partner Ecosystem program through a new relationship with Terrene Labs. Terrene, a data science company, enhances customer experiences for agents and direct insureds and provides a comprehensive risk profile to significantly impact and enrich the underwriting process. An integration with Duck Creek Policy gives carriers access to data from Terrene Labs from directly within the Duck Creek Platform.

“Our solution helps carriers reduce underwriting expenses through more efficient data collection and superior insight for underwriting risk selection, as well as improve loss experience by avoiding risks through greater risk insight” said Piyush Singh, Founder and CEO of Terrene Labs. “Partnering with Duck Creek and leveraging the Duck Creek Anywhere API is a perfect choice for us, and we are excited to leverage the Duck Creek Platform for advancing the underwriting process to provide better customer experience and achieve straight-through processing”

Terrene uses only four fields to identify, verify, and classify risk to the appropriate business class and then performs a comprehensive risk profile using traditional, non-traditional, and new-world attributes, in tune with today’s world of information accessibility. This yields a significant amount of high-veracity data – big data that has been validated for optimized underwriting.

Duck Creek and Terrene Labs have jointly developed an Anywhere Enabled Integration, now available on the Duck Creek Content Exchange, for insurers looking to accelerate implementation through Duck Creek’s Anywhere API program. This integration provides a pre-integrated risk profile enrichment pre-fill solution within Duck Creek Policy. It adds a call to a Terrene Labs service to retrieve account, location, and risk analysis data when starting a quote. The comprehensive risk profile data is then used to pre-populate the quote, as well as show alerts for customer-specific underwriting flags returned from the Terrene service based on automated and carrier-specific analysis of the risk profile.

“Terrene’s engine uses big data, AI, and machine learning to create comprehensive risk profiles, vetting each element of the data to provide the best outcomes for insurers,” said Elizabeth Del Ferro, Vice President, Partner GTM at Duck Creek Technologies. “Their solution is a fantastic value-add for carriers, and Duck Creek is thrilled to welcome them into our rapidly-growing partner ecosystem.”

About Terrene Labs:

Terrene Labs enables P&C carriers and brokers to provide a digital age experience to their customers and at the same time enable the underwriting/sales staff with comprehensive risk profile information for straight-through processing.  It provides for low friction, faster, more accurate and superior underwriting/sales workflow, enhancing potential growth opportunities.    A data science company, Terrene provides small business risk information collected from thousands of structured and unstructured data sources using Artificial Intelligence, Machine Learning and Natural Language Processing techniques.  To learn more, visit terrenelabs.com.

About Duck Creek Technologies:

Duck Creek Technologies paves a genuine path to the future for P&C insurance companies. Decades of insurance experience underpin advanced technologies specifically designed to accommodate change – allowing carriers to navigate uncertainty and capture market opportunities faster than their competitors. Duck Creek solutions are available standalone or as a full suite. All are available via Duck Creek OnDemand, the provider’s SaaS solution for the P&C insurance industry. For more information, visit duckcreek.com.

Media Contact:
Paul Rechichi
Racepoint Global
617-624-3295
prechichi@racepointglobal.com

Sam A. Shay
Duck Creek Technologies
+1 (857) 201-5784
sam.shay@duckcreek.com